A Q4 miss and light guidance lead Procera (PKT -29%) to go into freefall. Rival Allot (ALLT -4%) is off more moderately. Procera is forecasting 25%-30% 2013 revenue growth, below a 38% consensus, and sees most of this growth happening in 2H. Operating losses are expected in 1H - the Street has been expecting profits - before a 2H return to profitability. On the earnings call, management blamed "lumpiness" in tier-1 carrier orders, while insisting Procera saw no "material" competitive losses in Q4. The Vineyard acquisition has increased opex.
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